* TSX futures down 0.07%

* Oil climbs, gold slips

May 1 (Reuters) - Futures tied to Canada's

resource-heavy main stock index traded flat in thin volumes on

Friday as investors remained cautious amid elevated oil prices

and retreating metal values with no end in sight to the Middle

East conflict.

June futures on the S&P/TSX index were up 0.07% at

06:57 a.m. ET (1057 GMT).

* Geopolitical tensions escalated on Thursday when Iran

warned it would unleash "long and painful strikes" on U.S.

positions if Washington renewed attacks, while also reasserting

its claim to the Strait of Hormuz.

* Oil prices climbed as Iran continued its blockade of the

Strait of Hormuz while the U.S. Navy maintained its blockade of

Iranian crude exports.

* Gold prices retreated under pressure from surging oil

costs, which have fueled inflation concerns and reinforced

expectations that interest rates will remain elevated longer- a

headwind for non-yielding assets.

* The Toronto Stock Exchange's S&P/TSX composite index

notched its biggest daily gain in a month on Thursday.

* The benchmark rose 3.65% in April, buoyed by tentative

hopes of a resolution that helped recoup much of March's losses,

and was on track for a weekly gain.

* Among corporate news, Air Canada ( ACDVF ) suspended its

2026 forecast, as higher jet fuel prices due to the war in Iran

created uncertainty over costs, even as travel demand remained

robust.

* Automotive supplier Magna's first-quarter

sales and adjusted profit beat estimates, helped by currency

gains.

FOR CANADIAN MARKETS NEWS, CLICK ON CODES:

TSX market report

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Reuters global stocks poll for Canada

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(Reporting by Tharuniyaa Lakshmi in Bengaluru; Editing by

Joyjeet Das)